AsemconnectVietnam - The Ministry of Industry and Trade said that industrial production continued to recover positively, accordingly, the IIP growth target of 7-8% in 2024 can be achieved.

Industry maintained growth pace
According to the Ministry of Industry and Trade, in the first 8 months of 2024, industrial production showed a positive trend, continuing to rise, showing that Vietnam is starting a good growth period. The Purchasing Managers' Index (PMI) in August of the Vietnamese manufacturing industry reached 52.4 points, although down from 54.7 points in July, it still affirmed the strong improvement of business conditions in the middle of the third quarter.
In particular, there were highlights such as output and number of new orders continued to increase significantly, inflationary pressure has eased, etc. showing that the "health" of the manufacturing sector has improved positively. Therefore, industrial production maintained a positive growth momentum with the industrial production index (IIP) in August of 2024 estimated to increase by 2% compared to the previous month and increase by 9.5% compared to the same period last year. In particular, compared to the same period last year, the processing and manufacturing industry increased by 10.6%; the electricity production and distribution industry increased by 8.9%; the water supply, waste and wastewater management and treatment industry increased by 12.6%; In particular, the mining industry decreased by 1.5%.
In the first 8 months of 2024, the IIP increased by 8.6% compared to the same period last year (the figure of the same period of 2023 decreased by 0.2%). Notably, the processing and manufacturing industry increased by 9.7% (the figure of the same period of 2023 decreased by 0.4%), contributing 8.4 percentage points to the overall increase; the electricity production and distribution industry increased by 11.6%, contributing 1.0 percentage point.
In particular, the production index in the first 8 months of 2024 of some key secondary industries increased sharply compared to the same period last year: production of rubber and plastic products increased by 29.5%; production of beds, cabinets, tables, and chairs increased by 21.6%; metal ore mining increased by 19%; production of chemicals and chemical products increased by 17.8%; textiles increased by 13.4%; metal production increased by 13.2%; Production of prefabricated metal products (except machinery and equipment) increased by 12.6%; production of electronic products, computers and optical products increased by 9.8%, etc.
The report of the Ministry of Industry and Trade pointed out that industrial production increased widely, the industrial production index in the first 8 months of 2024 compared to the same period last year increased in 61 localities, and decreased in only 02 localities nationwide. Some localities had a fairly high increase in the IIP index due to the high increase in the processing and manufacturing industry; the electricity production and distribution industry. Specifically, some localities, including key localities in industrial production, had a high increase in the production index of the processing and manufacturing industry in the first 8 months of 2024 compared to the same period last year such as: Lai Chau increased by 45.4%; Phu Tho increased by 40.0%; Bac Giang increased by 28.1%; Binh Phuoc increased by 17.2%; Thanh Hoa increased by 16.6%; Some localities have high growth in the electricity production and distribution sector index such as: Khanh Hoa increased by 204.3%; Tra Vinh increased by 59.6%; Cao Bang increased by 44.2%; Lai Chau increased by 37.5%; Dien Bien increased by 36.8%; Son La increased by 32.7%; Thanh Hoa increased by 29.7%.
Assessing industrial production in the first 8 months of 2025, Mr. Pham Tuan Anh - Deputy Director of the Department of Industry (Ministry of Industry and Trade) acknowledged that the strong recovery of key industries such as textiles, footwear, steel, electronics, food processing, etc. has reflected a rapid recovery, which shows that the input sectors for production and business are recovering strongly.
CK
Source: VITIC/congthuong.vn